“Operating procedures were also put in place to ensure the safety of our people and our customers and initiatives were introduced to provide assistance to various stakeholders during this difficult period,” Dy added.
For 2020, revenue from property development was halved to P66.5 billion from P117.6 billion in 2019. In the fourth quarter alone, however, property development revenue surged by 64 percent quarter-on-quarter, boosted by continuous construction progress in 174 projects across the country. Commercial leasing revenue contracted by 44 percent to P21.9 billion in 2020 given limited mall and hotel operations, although mall revenue improved by 10 percent to P1.7 billion in the fourth quarter from the third quarter, on account of less strict community quarantine restrictions, coupled with the holiday season boost.